Kernel sold its sugar production plant
2013-05-30 14:09:32
According to official statement released by Kernel on Warsaw Stock Exchange, company sold it sugar production plant. The purchase was completed for USD 32.5 M with buyer not announced in the statement. However according to the details released by the Anti-Monopoly Committee of Ukraine, plant was purchased by Polish company Pfeifer&Langen Inwestycje. The company in Poland is a subsidiary of the German large scale sugar producer in European Union, Pfeifer&Langen. Group also owns sugar plant in Lviv region. Company’s management made a decision to exit sugar business in 2012 due to declining demand and price for sugar.
AgroInvest comment: Kernel will be able to use cash from the purchase to finance its current activities for larger future gains.